The racer-turned-commentator received the diagnosis mid-way through last month and will undergo surgery in the coming weeks, following the next round at Winton where he will continue his TV commitments.
According to a statement from Supercars he is expected to make a full recovery.
“Everyone at Supercars was saddened to hear this terrible news and we’re all thinking of Neil and his family at this difficult moment,” said Supercars CEO Sean Seamer.
“Neil has become more than just the voice of Supercars, he’s an integral member of the Commission and a friend to many in the paddock.
“He has our total support and we wish him well over the coming weeks. You’ve got this Crompo.”
Supercars TV boss Nathan Prendergast added: “The Supercars family is right behind Neil and we will be there for him in any way we can to help him through this difficult period.
“In recent weeks Neil has shown his professionalism and resilience by continuing to deliver in the broadcast since his diagnosis and will remain an essential part of the coverage for Winton and beyond.
“Neil has many close friends in the paddock and the broader Supercars community who wish him a speedy recovery and we look forward to having him back on our screens ASAP.”
Crompton is one of the most influential people in Australian motor racing, having enjoyed a long career as a driver, commentator and administrator.
He raced for famous teams such as Holden Racing Team, Wayne Gardner Racing, Ford Tickford Racing and Gibson Motorsport before switching his full focus to his media career in the early 2000s.
Crompton also heads up Australia’s one-make Toyota 86 series and runs and owns the AirTime Media production company.
He recently made a Supercars comeback of sorts when he joined Walkinshaw Andretti United for a ride day at Sandown in Melbourne.